Posts tagged ‘fast company’
Peas in a Pod: Advertising, Monetization and Social Media
Tim Kendall, Product Manager, Facebook
Ellen McGirt, Sr Writer, Fast Company
Kent Nichols, Ask a Ninja
Seth Goldstein, CEO, Social Media Networks
This panel was in one of the larger ballrooms, but I still had to sit on the floor in the very back. I had no idea who was talking since my view was obstructed by many chairs. Sitting on a hard floor was uncomfortable within 10 minutes, but I still managed to get some interesting thoughts from the panelists…
Facebook expresses one’s identity and lets you share it with your friends. Applications that can express this identity are successful. Widgets are bling for your blog (ie, sports scores). The minute they turn interactive or social, it becomes an application.
The key to applications is to always provide a social context. An easy way to let the user invite friends (without spamming) will also help sustain a successful application.
The virtual world enables social relationships that you can not do in reality. For example, the food fight application, everyone wants to do this in real life, but they can’t. By having this fun, quick and easy to use application, you’re able to throw a pie at someone’s face without getting in trouble.
A social dynamic offline can also be transitioned to online. The happy hour application lets you have a virtual happy hour with all your friends with a click of a button.
Proctor & Gamble, Unilever, McDonald’s…all these big corporations want to reach the FB user. But they do not succeed because it is a communicating problem. Also, FB users do not care about the brand. Who wants to have a Crest application on their profile page?
These companies want to embrace the new technology. But, they have been in the traditional advertising medium for so long that it becomes a very slow transition to the interactive world. They are scared to take the lead and it will take a long time to change the culture of norm.
Advertising on FB has become an extremely attainable and profitable convention. It only costs 50 cents compared to $20-30 for digital. “Peerfluence” – how do you come up with an ad that will influence you and your peers? That’s the challenge. Another challenge is how do we weave advertising into the platform. You don’t want it to be intrusive (in my opinion, MySpace’s homepage – ads fill the entire screen).
Social ads are very targeted and can produce great results. If you want to buy a camera, you will get an ad for a camera on FB. We understand more and more of what you don’t like and like.